Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio (in ratio form: Wright, 2/10; Bell, 5/10; Edison 3/10). The partnership’s capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership. The journal entry to record Edison’s withdrawal from the partnership if Edison sells his interest to Whitney for $45,000 after the other two partners approve Whitney as partner is?

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To record Edisons withdrawal from the partnership and the sale of his interest to Whitney for 45000 ... View the full answer